Biomaterials Market Size to Surpass USD 661.06 BN by 2032
The global biomaterials market size was estimated at USD 156.06 billion in 2022 and is expected to surpass around USD 661.06 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 15.53% during the forecast period 2023 to 2032.
Key Takeaways:
Biomaterials Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 180.30 Billion |
| Market Size by 2032 | USD 661.06 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 15.53% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Application, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Medtronic plc; Evonik Industries AG; Carpenter Technology Corporation; Berkeley Advanced Biomaterials; Invibio Ltd.; Zimmer Biomet Holdings, Inc.; BASF SE; Covalon Technologies Ltd.; Stryker; Johnson & Johnson; Dentsply Sirona; CoorsTek Inc.;Corbion; Collagen Matrix, Inc. |
The rising prevalence of musculoskeletal and chronic skeletal medical conditions are expected to boost the demand for biomaterial-based implants, thereby augmenting the market growth. The demand for orthopedic implants is also rising owing to the increasing geriatric population, at an increased risk of osteoarthritis, osteoporosis, and other musculoskeletal disorders. The development of various biomaterial and biomedical devices are in demand for detecting and treating the coronavirus. In this pandemic, early detection of the virus is very crucial to limit the transmission of the same. The infection from the COVID-19 can be detected using existing biomedical devices which are based on either Polymerase Chain Reaction (PCR) or Non-PCR methods.
Biomaterial Technologies contribute to the development of new efficient personal protective equipment, drug deliveries, vaccines, and new therapeutics which was used to prevent or treat the infection from SARS-COV-2. Furthermore, cell-cultured models and engineered tissues had a major impact on investigating the infection, testing, and developing vaccines and therapeutics. Thus, the market resulted in varied designs of a range of diagnosis and therapeutic tools for the management of COVID-19, which includes rapid and accurate diagnostic platforms, novel vaccines, effective anti-viral drugs, and efficient models of laboratories for accessing the disease.
Technological advancements have made biomaterials more versatile and have increased their utility in various fields of healthcare, such as bioengineering and tissue engineering. The advent of smart biomaterials that interact with biological systems for several biomedical applications, such as from transport of bioactive molecules to cellular functioning of the engineered functional tissues, drives the revenue generation in this market. Companies are embracing the ongoing developments in novel drug delivery approaches for the controlled release of drugs, thus fueling the market growth. For instance, in January 2019, DSM Biomedical partnered with ProMed Pharma to leverage its biomedical biomaterials with ProMed’s micro molding and extrusion capabilities to create novel controlled-release drug implants and combination devices.
The porous-coated and fully or partially porous orthopedic implants have gained immense popularity in recent years. This is because the porous structures reduce the elastic modulus and stimulate bone growth around the implant. Powder metallurgy, 3-D printing, and additive manufacturing are some of the potential techniques to manufacture porous metallic and ceramic implants. Growing demand for smart biomaterials that produce and transfer bioelectric signals similar to native tissues for accurate physiological functions, is expected to surge the market growth. Piezoelectric scaffolds are smart materials that play a significant role in tissue engineering. They stimulate the signaling pathways and consequently improve tissue regeneration at the impaired site.
Product Insights
The polymer product segment dominated the market in terms of revenue at a share of 28.50% in 2022 and is expected to continue leading throughout the forecast period owing to the wide range of product applications. The wide availability of biopolymers and advanced polymers for bio-resorbable tissue fixation and other orthopedic applications is also expected to accelerate the revenue generation of the segment. Polymeric biomaterials are one of the cornerstones of tissue engineering. Ongoing progression in technologies, such as micro-manufacturing, surface modification, drug delivery, nanotechnology, and high-throughput screening, play an integral role in broadening polymeric material usage in the tissue engineering field.
Natural biomaterials are anticipated to witness the fastest CAGR of 17.52% from 2023 to 2032, owing to various benefits of the product over synthetic biomaterials in terms of biodegradability, biocompatibility, and remodeling. Due to these advantages, they are increasingly used to replace or restore the structure and function of damaged organs or tissues. For instance, biosensor, is an analytical device that is used to detect analytes such as biomolecules or biological elements of species produced by micro-organisms that is tissues, enzymes, organelles, etc. The sensor mainly consists of three parts that are, a bio-receptor (enzymes, antibodies, nucleic acids), a transducer (electrochemical, electrical, optical, thermal, magnetic resonance), and an electronic system that comprises a signal amplifier.
Application Insights
The orthopedic application segment dominated the biomaterials market in terms of revenue at a share of 23.21% in 2022. Increasing adoption of metallic biomaterials in orthopedic applications due to their high load-bearing capacity is one of the factors driving the segment growth. Besides, continuous developments for the introduction of advanced orthopedic implants by market vendors are also expected to propel the revenue generation. For instance, in November 2019, DiFusion Inc. received FDA approval for its Xiphos-ZF spinal interbody device, which is based on a different biomaterial Zfuze, a combination of poly-ether-ether-ketone and titanium. This new biomaterial leads to significant reductions of cytokine markers that cause inflammation and are associated with fibrous tissue formation.
Plastic surgery segment is expected to grow at the fastest CAGR of 16.99% during 2023-2032 owing to the increasing number of cosmetic procedures and increased usage of biomaterials in these surgeries. As per the 2019 publication of the International Society of Aesthetic Plastic Surgery, in the U.S., around 4.3 million cosmetic procedures were performed in 2018, which has positively influenced segment growth.
Regional Insights
North America accounted for the largest share of 40.06% in 2022 owing to the initiatives undertaken by several public and private organizations. These include the National Science Foundation and the National Institute of Standards and Technology, which provide knowledge and assistance pertaining to biomaterials usage in biomedical applications. This has resulted in the expansion of biomaterials adoption in this region. Moreover, factors such as favorable government policies and the presence of several major market players in this region have contributed to the regional market share.
Asia Pacific is expected to register the highest CAGR of 16.72% during 2023-2032, owing to strategic initiatives adopted by the regional participants to reinforce their presence in local as well as global markets. For instance, in November 2019, a Japan-based company, Mitsubishi Chemical signed an agreement with U.S.-based AdvanSource Biomaterials to acquire their thermoplastic polyurethane elastomer business. This acquisition is expected to expand their business footprint globally and capture a significant share in the international market. In India, the biomaterials market is constantly booming. The Indian biomaterials industry is dominated by orthopedic, dental, and cardiovascular biomaterials. Increasing market shares of cardiovascular and orthopedic and biomaterial products are due to an increase in orthopedic surgery, cardiovascular surgeries, and dental procedures.
Key Companies & Market Share Insights
Key companies are making significant investments to expand their presence and maintain a competitive edge. They are also adopting strategies such as agreements, partnerships, and collaboration models to strengthen their product portfolio. Moreover, key vendors are inclined toward the development of more innovative products to expand their biomaterials offerings. For instance, in April 2023, Novo Nordisk collaborated with Aspect Biosystems, a company involved in bioprinting biomaterials, for the development of bioprinted tissue therapeutics for obesity and diabetes. Some of the prominent companies in the global biomaterials market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Biomaterials market.
By Product
By Application
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers